Palo Alto vs Fortinet — Revenue Comparison

Palo Alto (PANW) revenue was $9.2B in FY2025 (+15% YoY); Fortinet (FTNT) revenue was $6.8B in FY2025 (+14% YoY). The tables below show the complete quarterly and annual revenue history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$9.2B	$6.8B
2024	$8.0B	$6.0B
2023	$6.9B	$5.3B
2022	$5.5B	$4.4B
2021	$4.3B	$3.3B
2020	$3.4B	$2.6B
2019	$2.9B	$2.2B
2018	$2.3B	$1.8B
2017	$1.8B	$1.5B
2016	$1.4B	$1.3B
2015	$928M	$1.0B
2014	$598M	$770M
2013	$396M	$615M
2012	$255M	$534M
2011	$119M	$434M
2010	—	$325M

Palo Alto — Annual Revenue

Fiscal Year	Revenue	YoY
2025	$9.2B	+15%
2024	$8.0B	+16%
2023	$6.9B	+25%
2022	$5.5B	+29%
2021	$4.3B	+25%
2020	$3.4B	+18%
2019	$2.9B	+28%
2018	$2.3B	+29%
2017	$1.8B	+28%
2016	$1.4B	+49%
2015	$928M	+55%
2014	$598M	+51%
2013	$396M	+55%
2012	$255M	+115%
2011	$119M

Fortinet — Annual Revenue

Fiscal Year	Revenue	YoY
2025	$6.8B	+14%
2024	$6.0B	+12%
2023	$5.3B	+20%
2022	$4.4B	+32%
2021	$3.3B	+29%
2020	$2.6B	+20%
2019	$2.2B	+20%
2018	$1.8B	+21%
2017	$1.5B	+17%
2016	$1.3B	+26%
2015	$1.0B	+31%
2014	$770M	+25%
2013	$615M	+15%
2012	$534M	+23%
2011	$434M	+34%
2010	$325M

Source: PANW on EDGAR · FTNT on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.